The Artificial Intelligence (AI) in Precision Medicine Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Artificial Intelligence (AI) in Precision Medicine Global Market Report 2024, The artificial intelligence (ai) in precision medicine market size has grown exponentially in recent years. It will grow from $1.82 billion in 2023 to $2.37 billion in 2024 at a compound annual growth rate (CAGR) of 30.2%. The growth in the historic period can be attributed to increasing healthcare data availability, rising chronic disease burden, genomic research advancements, growing emphasis on personalized medicine, improved computational power.
The artificial intelligence (ai) in precision medicine market size is expected to see exponential growth in the next few years. It will grow to $6.86 billion in 2028 at a compound annual growth rate (CAGR) of 30.4%. The growth in the forecast period can be attributed to expansion of precision medicine initiatives, rising demand for predictive analytics in healthcare, growth in genomics-based therapies, increased funding for ai in precision medicine research. Major trends in the forecast period include ai-driven biomarker discovery, increased use of natural language processing in healthcare, enhanced patient stratification through ai, ai-enabled clinical trial optimization, personalized treatment plans using ai-based decision support systems.
The high prevalence of chronic illnesses and respiratory disorders is expected to propel the growth of artificial intelligence in the precision medicine market going forward. Chronic illnesses refer to a medical condition that lasts longer than a year and requires ongoing medical attention, while respiratory disorders are diseases that affect the airways and the lungs. Artificial intelligence in precision medicine helps in diagnosing and predicting the outcomes for people suffering from respiratory diseases based on clinical data and chest imaging. It is used in precision medicine to treat chronic illnesses because it reduces costs and optimizes resource utilization. For instance, in May 2023, the United Nations, a US-based intergovernmental organization, estimated that chronic diseases such as cardiovascular diseases, cancer, diabetes, and respiratory illnesses would account for 86% of the 90 million deaths by 2050. Additionally, in January 2023, the National Library of Medicine, a US-based medical library operated by the federal government, issued a report predicting a 99.5% increase in Americans with at least one chronic condition from 71.522 million in 2020 to 142.66 million in 2050. Therefore, the high prevalence of chronic illnesses and respiratory diseases will drive artificial intelligence in the precision medicine market.
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The artificial intelligence (ai) in precision medicine market covered in this report is segmented –
1) Artificial Intelligence (AI) in Precision Medicine Market By Component: Hardware, Software, Service
2) Artificial Intelligence (AI) in Precision Medicine Market By Technology: Deep Learning, Querying Method, Natural Language Processing, Context Aware Processing
3) Artificial Intelligence (AI) in Precision Medicine Market By Therapeutic Application: Oncology, Cardiology, Neurology, Respiratory, Other Therapeutic Applications
Top Major Players
Alphabet Inc.
Microsoft Corporation
Intel Corporation
International Business Machines Corporation
AstraZeneca PLC
The development of novel artificial intelligence (AI)-based life sciences solutions is a key trend gaining popularity in artificial intelligence in the precision medicine market. Major companies in the artificial intelligence in precision medicine market have made various advancements in big data analytics to sustain their position in the market. For instance, in May 2023, Google LLC, a US-based technology corporation, introduced a novel artificial intelligence (AI)-based life sciences solution to speed up drug discovery and precision medicine. The target and lead identification suite, an initiative that boosts the effectiveness of in silico drug development, was developed to help research teams predict protein structure and, more precisely, determine the function of amino acids.
The artificial intelligence (ai) in precision medicine market report table of contents includes:
1. Executive Summary
2. Artificial Intelligence (AI) in Precision Medicine Market Characteristics
3. Artificial Intelligence (AI) in Precision Medicine Market Trends And Strategies
4. Artificial Intelligence (AI) in Precision Medicine Market – Macro Economic Scenario
5. Global Artificial Intelligence (AI) in Precision Medicine Market Size and Growth
…
32. Global Artificial Intelligence (AI) in Precision Medicine Market Competitive Benchmarking
33. Global Artificial Intelligence (AI) in Precision Medicine Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Artificial Intelligence (AI) in Precision Medicine Market
35. Artificial Intelligence (AI) in Precision Medicine Market Future Outlook and Potential Analysis
36. Appendix
Read Related Reports:
https://www.thebusinessresearchcompany.com/report/precision-medicine-global-market-report
https://www.thebusinessresearchcompany.com/report/artificial-intelligence-global-market-report
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